Crude oil prices to trade sideways today: Angel Commodities

He said that Germany has announced that it will protect its companies against United States sanctions imposed on Iran.

"Those constraints mean that oil prices could breach $80 a barrel over the next six months, particularly if OPEC production continues to remain underwhelming", he says.

OPEC and 10 producers outside the cartel, including Russia-currently the world's largest crude producer-have been holding back crude output by around 1.8 million barrels a day since the start of a year ago.

Saudi Arabia, the world's biggest oil exporter and de facto leader of the Organization of the Petroleum Exporting Countries, told OPEC it cut output in April to its lowest level since the supply deal began in January 2017.

OPEC raised its global oil demand forecast for 2018 by 25,000 barrels a day, to increase by 1.65 million barrels a day and average 98.85 million barrels a day.

The oil-cartel expects non-OPEC supply in 2018 to grow by 1.7 million barrels year-over-year, almost 90% of which should come from the U.S.

More news: Anti-US protests held in Iran

"With information unclear on how this would affect Iran's oil and gas industry, coupled with the continued rise in American drilling, oil prices have been under pressure the past couple of days", he said.

The goal of the supply cut was to reduce the excess in oil stocks to that of the five-year average.

Crude oil futures were flat Monday moring as OPEC raised its forecast for non-OPEC production due to the USA shale oil boom.

OPEC output rose by just 12,000 barrels per day (bpd) to 31.93 million bpd in April, according to figures OPEC collects from secondary sources.

US drillers added 10 oil rigs in the week to May 11, bringing the total to 844, the highest level since March 2015, energy services firm Baker Hughes said on Friday.

OPEC signaled the group and its allies were ready to step in should "geopolitical developments" impact supply.

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